Long-run choices imply that all factors are variable.

Name: Long-run choices imply that all factors are variable.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

In the long-run, all factors of production are variable and can be adjusted to optimize the production process. This includes the quantity and quality of labor, capital, technology, and natural resources. Therefore, long-run choices require a more comprehensive and strategic analysis of the firm's resources and capabilities to achieve optimal outcomes.

Long-Run Choices Imply That All Factors Are Variable